The 23 rd Survey of Investment Related Costs in Asia and Oceania (FY 2012 survey)

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1 The 23 rd Survey of Investment Related Costs in Asia and Oceania (FY 2012 survey) May 2013 Overseas Research Department External Trade Organization (JETRO)

2 Data, statistics and the reference materials within this report have been compiled by JETRO from publicly-released media and research accounts. Although these statements are believed to be reliable, JETRO does not guarantee their accuracy, and such information should be checked independently by the reader before they used to make any business or investment decision.

3 The 23rd Survey of Investment Related Costs in Asia and Oceania JETRO conducted a comparative survey of investment-related costs in 41 major cities and regions throughout Asia and Oceania in the period between December 2012 and January The survey revealed that ese companies are mainly concerned about wages. With the economy steadily growing, minimum wages have been rising greatly. This trend is expected to continue into With domestic markets maturing, ese companies are increasing their motivation to advance into Asian countries and regions for the purpose of market development and risk dispersion. However, there has been no change in the situation where ese companies are required to take some measures against rises in various costs. For this survey, Ulan Bator (Mongolia) was added. The survey was also conducted in six ese cities, including Yokohama and Naha, in order to make comparisons between ese and foreign cities. The following are summaries of what should be noted about wages, property-related costs, and Ulan Bator, the newly added city. 1. The basic wage rate showed a two-digit rise in some regions. In the questionnaire survey JETRO conducted in October and November 2012 to study the activities of ese companies operating in China, Thailand, Vietnam and many other countries, the largest percentage of respondents pointed out the issue of the rise in wages of employees as a problem in their conduct of business in these countries as in the previous year. In China, the manufacturing and non-manufacturing sectors saw the basic wage rate rise between 2011 and 2012 by 11.7% and 9.8% respectively. The annual total burden, including social insurance premiums, also rose in each city. In the case of workers especially, it rose by about 20% in three cities: by 20.4% to 7,328 USD in Dalian, by 20.2% to 7,867 USD in Shenyang, and by 19.8% to 7,745 USD in Guangzhou. Among the major countries in ASEAN, a rise in the basic wage rate was observed, in descending order, in Vietnam (19.7%), Indonesia (14.7%), Thailand (10.9%), the Philippines (5.9%), and Malaysia (4.7%). The rate for the manufacturing workers in Vietnam was 21.0%, exceeding the result of the 2011 survey (18.2%). However, when the average basic (monthly) wage is compared among major cities, that for workers in Hanoi is 145 USD, less than a half of that for workers in Bangkok (345 USD). The average basic wage for the workers in Jakarta is 239 USD, about 70% of that for the workers in Bangkok. Among the newly emerging countries, such as the CLM countries (Cambodia, Laos, and Myanmar), Bangladesh, Pakistan, and Sri Lanka, the rise in the basic wage rate is highest in Myanmar (13.3%) and Bangladesh (13.0%). The rate in the manufacturing industry in Myanmar shows a 18.0% rise, the second largest after Vietnam among the survey countries. In Dacca, because a sufficient number of workers cannot be employed if the minimum wage is offered, the monthly wage for workers of ese companies is 74 USD, far higher than the minimum wage of 39 USD. The wage for workers in both Cambodia and Phnom Penh is 74 USD, the same as in Dacca. However, ese companies burden has been increasing year by year partially because additional benefits, such as perfect attendance allowances, commutation and housing allowances, and health allowances, were made obligatory. On March 29, 2013, the Cambodian Government announced that it would increase the monthly lowest legal wage from 61 USD to 80 USD in May Although the increase is applied to Copyright (C) 2013 JETRO. All rights reserved. 1

4 the sewing and shoemaking industries that belong to the Garment Manufacturers Association in Cambodia (GMAC), it seems to be influencing other industries because the sewing industry is a major industry in Cambodia. In India, the basic wage rate rose by 13.0% in the manufacturing sector and by 11.8% in the non-manufacturing sector. Workers wages also are at a similar level to those in Thailand, one of the advanced ASEAN countries. The average monthly wage for workers in Bangalore is 398 USD, exceeding those in Guangzhou (395 USD). Workers monthly wages in New Delhi, Chennai, and Mumbai were 276 USD, 324 USD, and 188 USD respectively. 2. In China, the legal minimum wage was raised across the board In many cities in China, local governments raised the legal minimum wage. The highest minimum wage was 254 USD in Shenzhen in Because China's Communist Party leadership announced an objective to double per capita national income in 2020, compared with 2010, China is expected to continue to increase legal minimum wages. Taiwan raised its legal minimum monthly wage to 654 USD on April 1, 2013, and South Korea raised its legal minimum daily wage to 37 UDS in January Among the ASEAN countries, Thailand and Indonesia were conspicuous for substantially raising minimum wages. In Thailand, although the minimum wage had differed from region to region, it was uniformly raised to 9.85 USD (daily) on January 1, In the Ayutthaya Province, where industrial estates were submerged owing to the flood in 2011, the minimum wage rose by 12.8% from 8.73 USD (daily). In Indonesia, the minimum wage was revised in January 2013, as in the past, and sharply rose by about 40% in areas where ese companies were concentrated. In Jakarta, the minimum wage increased by 35% to 226 USD. Because many small and midsize companies that could not deal with a sharp rise in the minimum wage applied for the postponement of the application of the minimum wage rise, large-scale demonstrations by workers frequently occurred from the middle of In February 2013, about 10,000 workers held a demonstration to demand full application of a minimum wage, proving that the pressure to raise minimum wages is still strong. In Vietnam, minimum wages were raised in January 2013 for the first time in 15 months and increased to 113 USD in Hanoi and Ho Chi Minh City. 3. Upward trends in rents and price, ranging from industrial estate to housing In China, industrial estate rents (monthly) and office rents (monthly) rose slightly in all the cities surveyed except Shenyang, where they fell. On the other hand, housing rents for local ese staff (monthly) rose in all the cities. To deal with a rise in real estate prices, the State Council introduced five real-estate control measures, such as restraints in housing purchases and securing of housing sites, at the executive meeting held on February 20, Based on these measures, the government of each government-ruled municipality, economically independent (from provincial government) city, or province set a housing price restraint target at the end of March. In April, newly built house prices increase by 2.1% on the previous month in Guangzhou City and by 2.0% in Shanghai City. Of 70 major cities, 67 cities show a continuing rise. The effects of the real-estate control measures are drawing attention. Copyright (C) 2013 JETRO. All rights reserved. 2

5 In Hong Kong, where a rise in real estate prices has become a problem, the average purchase price of industrial estates increased by 11.5% and that of housing for local ese staff increased by 30%. In Singapore, the sales price of land in industrial estates shows upward trend every year, and rose to a range of between 209 USD and 717 USD (on a per-square-meter basis) from a range of between 190 USD and 651 USD in the previous year (Jurong Industrial Estate). On the other hand, monthly housing rents for local ese staff leveled off at a range of 2,928 USD - 6,669 USD after rising continuously for years. In Indonesia, because foreign companies - mainly ese companies have been making advances into the country since 2011, it is difficult to obtain vacant lots. Sales prices (per square meter) on the GIIG industrial estate and the Jababeka industrial estate have risen to 180 USD and 298 USD respectively. In Vietnam, industrial estates have been developed into suburbs in both northern and southern regions. There are no difficulties acquiring lots, and the sales price of long-term lease properties has leveled off. In Myanmar, with the development of the democratization process, an increasing number of foreign companies have been advancing into the country, with the result that demand has sharply increased and the prices of industrial estates and houses have risen remarkably. Housing rents for local ese staff in Yangon are more than 4,500 USD, a sharp rise from the 2011 survey (more than 2,500 USD). 4. Wages have been increasing in Ulan Bator, Mongolia. Backed up by rich mineral resources, Mongolia has recently been experiencing rapid development. The real growth rate of GDP in 2012 is 12.3% (preliminary figure). The population is 2.81 million (1.29 million live in Ulan Bator, the capital). Although per capita GDP is only 3,067 USD (in 2011), the cooperative relationship with has been strengthened because Mongolia is pro-ese and reached an agreement in March 2012 to begin negotiations on the Economic Partnership Agreement (EPA) with. The Oyu Tolgoi mine, a leading copper and gold mine in the world, has begun partial operation and equipment investment has been made to begin full operation. In 2011, the amount of investment in the field of mining was 4,083.2 million USD, five times as large as that of the previous year, and accounted for 81.9% of the total direct inward investment (4,986 million USD). Meanwhile, the Mongolia s Strategic Entities Foreign Investment Law came into force on May 17, 2012 to put into effect an approval system for the introduction of foreign capital in strategic industries (mineral resources, finance, and news/information communication). The consumer price index (CPI) increased by a significant 14.3% (in 2012). The increase rate of nominal wages sharply increased from 9.6% in 2009 to 24.2% in Inflation and increases in wages are expected to continue for a while. In the field of mining especially, where huge development projects have continued to be carried out, human resources are scarce, and the rate of increase in wages is higher than that in other fields. Copyright (C) 2013 JETRO. All rights reserved. 3

6 This represents the twenty-third such survey since its commencement in Wages, land prices, office rents, utility rates, and other investment-related costs in each city are converted into US dollars and compiled into a table for easy comparison. The survey was conducted by JETRO s overseas offices in cooperation with ese chambers of commerce and industry, local government agencies, and relevant companies in each country (and the cooperation of the Interchange Association,, in the collection of information in Taipei). Wage levels broken down by industry are drawn from the Survey of ese-affiliated Firms in Asia and Oceania (2012), conducted by JETRO s Overseas Research Department, and the China, Hong Kong, Taiwan, and South Korea versions thereof. As a rule, interbank exchange rates as of January 7, 2013 were used to convert local currencies to US dollars. Copyright (C) 2013 JETRO. All rights reserved. 4

7 Cost Comparison Graph Copyright (C) 2013 JETRO. All rights reserved. 5

8 (US$) 5,000 Woker's monthly base salary (Factory woker) 4,615 4,000 3,000 2,725 3,306 3,009 2,000 1, ,619 1, , Naha Yokohama Auckland Sydney Colombo Karachi Ahmedabad Chennai Bangalore Mumbai New Delhi Dhaka Yangon Phnom Penh Vientiane Danang Ho Chi Minh Hanoi Bangkok Cebu Manila Batam Jakarta Kuala Lumpur Singapore Seoul Ulan Bator Taipei Hong Kong Wuhan Qingdao Shenyang Dalian Shenzhen Guangzhou Shanghai Beijing (US$) 8,000 7,000 Engineer's monthly base salary (Mid-level engineers) 6,895 6,000 5,000 4,000 4,630 4,231 3,547 3,000 2,000 1, , ,456 2,263 Naha Yokohama Auckland Sydney Colombo Karachi Ahmedabad Chennai Bangalore Mumbai New Delhi Dhaka Yangon Phnom Penh Vientiane Danang Ho Chi Minh Hanoi Bangkok Cebu Manila Batam Jakarta Kuala Lumpur Singapore Seoul Ulan Bator Taipei Hong Kong Wuhan Qingdao Shenyang Dalian Shenzhen Guangzhou Shanghai Beijing Copyright (C) 2013 JETRO. All rights reserved. 6

9 (US$) Manager's monthly base salary (Department chief, manufacturing industry) 10,000 8,785 8,000 6,000 5,946 5,773 4,000 3, ,249 4,290 2, ,083 1,302 1,274 1,456 1,445 2, Naha Yokohama Auckland Sydney Colombo Karachi Ahmedabad Chennai Bangalore Mumbai New Delhi Dhaka Yangon Phnom Penh Vientiane Danang Ho Chi Minh Hanoi Bangkok Cebu Manila Batam Jakarta Kuala Lumpur Singapore Seoul Ulan Bator Taipei Hong Kong Wuhan Qingdao Shenyang Dalian Shenzhen Guangzhou Shanghai Beijing (US$) Staff's monthly base salary (Clerical staff, non-manufacturing industry) 6,000 5,000 4,798 4,000 3,000 2,000 1, ,991 1, , ,503 3,281 Naha Yokohama Auckland Sydney Colombo Karachi Ahmedabad Chennai Bangalore Mumbai New Delhi Dhaka Yangon Phnom Penh Vientiane Danang Ho Chi Minh Hanoi Bangkok Cebu Manila Batam Jakarta Kuala Lumpur Singapore Seoul Ulan Bator Taipei Hong Kong Wuhan Qingdao Shenyang Dalian Shenzhen Guangzhou Shanghai Beijing 2,350 Copyright (C) 2013 JETRO. All rights reserved. 7

10 (US$) Manager's monthly base salary (Department chief, non-manufacturing industry) 10,000 9,000 8,635 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 1,727 1,210 1,122 1,361 1,433 1,886 1,891 1,962 4,016 2, , , ,073 5,487 4,240 0 Naha Yokohama Auckland Sydney Colombo Karachi Ahmedabad Chennai Bangalore Mumbai New Delhi Dhaka Yangon Phnom Penh Vientiane Danang Ho Chi Minh Hanoi Bangkok Cebu Manila Batam Jakarta Kuala Lumpur Singapore Seoul Ulan Bator Taipei Hong Kong Wuhan Qingdao Shenyang Dalian Shenzhen Guangzhou Shanghai Beijing (US$) 3,000 Legal minimum wage (monthly) 2,752 2,500 2,000 1,500 1,918 1,542 1,186 1, Naha Yokohama Auckland Sydney Colombo Karachi Ahmedabad Chennai Bangalore Mumbai New Delhi Dhaka Yangon Phnom Penh Vientiane Danang Ho Chi Minh Hanoi Bangkok Cebu Manila Batam Jakarta Kuala Lumpur Singapore Seoul Ulan Bator Taipei Hong Kong Wuhan Qingdao Shenyang Dalian Shenzhen Guangzhou Shanghai Beijing Copyright (C) 2013 JETRO. All rights reserved. 8

11 (%) Social security burden ratio (Employers') Naha Yokohama Auckland Sydney Colombo Karachi Ahmedabad Chennai Bangalore Mumbai New Delhi Dhaka Yangon Phnom Penh Vientiane Danang Ho Chi Minh Hanoi Bangkok Cebu Manila Batam Jakarta Kuala Lumpur Singapore Seoul Ulan Bator Taipei Hong Kong Wuhan Qingdao Shenyang Dalian Shenzhen Guangzhou Shanghai Beijing (US$) Office rent (monthly, per sq.m) Naha Yokohama Auckland Sydney Colombo Karachi Ahmedabad Chennai Bangalore Mumbai New Delhi Dhaka Yangon Phnom Penh Vientiane Danang Ho Chi Minh Hanoi Bangkok Cebu Manila Batam Jakarta Kuala Lumpur Singapore Seoul Ulan Bator Taipei Hong Kong Wuhan Qingdao Shenyang Dalian Shenzhen Guangzhou Shanghai Beijing Copyright (C) 2013 JETRO. All rights reserved. 9

12 350 (US$) Store/showroom rent in the city center (monthly, per sq.m) Naha Yokohama Auckland Sydney Colombo Karachi Ahmedabad Chennai Bangalore Mumbai New Delhi Dhaka Yangon Phnom Penh Vientiane Danang Ho Chi Minh Hanoi Bangkok Cebu Manila Batam Jakarta Kuala Lumpur Singapore Seoul Ulan Bator Taipei Hong Kong Wuhan Qingdao Shenyang Dalian Shenzhen Guangzhou Shanghai Beijing Housing rent for resident agent (monthly) (US$) 5,000 4,000 3,000 2,000 1,000 4,295 3,181 3,102 2,068 3,976 3,817 2,121 2,028 3,096 1, ,070 4, ,600 1,304 2,700 2,717 2,299 1,836 2,937 2,226 2,100 2,220 4,500 1,773 3,001 2,274 2,823 4, ,415 3,500 4,778 3,448 3,065 1,232 0 Naha Yokohama Auckland Sydney Colombo Karachi Ahmedabad Chennai Bangalore Mumbai New Delhi Dhaka Yangon Phnom Penh Vientiane Danang Ho Chi Minh Hanoi Bangkok Cebu Manila Batam Jakarta Kuala Lumpur Singapore Seoul Ulan Bator Taipei Hong Kong Wuhan Qingdao Shenyang Dalian Shenzhen Guangzhou Shanghai Beijing Copyright (C) 2013 JETRO. All rights reserved. 10

13 (month) Bonus payments Naha Yokohama Auckland Sydney Colombo Karachi Ahmedabad Chennai Bangalore Mumbai New Delhi Dhaka Yangon Phnom Penh Vientiane Danang Ho Chi Minh Hanoi Bangkok Cebu Manila Batam Jakarta Kuala Lumpur Singapore Seoul Ulan Bator Taipei Hong Kong Wuhan Qingdao Shenyang Dalian Shenzhen Guangzhou Shanghai Beijing (US$) 0.40 Electricity rate for general Naha Yokohama Auckland Sydney Colombo Karachi Ahmedabad Chennai Bangalore Mumbai New Delhi Dhaka Yangon Phnom Penh Vientiane Danang Ho Chi Minh Hanoi Bangkok Cebu Manila Batam Jakarta Kuala Lumpur Singapore Seoul Ulan Bator Taipei Hong Kong Wuhan Qingdao Shenyang Dalian Shenzhen Guangzhou Shanghai Beijing Copyright (C) 2013 JETRO. All rights reserved. 11

14 Water rate for general use 3.00 (US$) Naha Yokohama Auckland Sydney Colombo Karachi Ahmedabad Chennai Bangalore Mumbai New Delhi Dhaka Yangon Phnom Penh Vientiane Danang Ho Chi Minh Hanoi Bangkok Cebu Manila Batam Jakarta Kuala Lumpur Singapore Seoul Ulan Bator Taipei Hong Kong Wuhan Qingdao Shenyang Dalian Shenzhen Guangzhou Shanghai Beijing 0.57 (US$) Container transport (40-feet container, Nearest port to Yokohama) 5,000 4,500 4,400 4,000 3,500 3,000 2,500 2,000 1,500 1, , , , ,600 1,500 1,105 2, ,000 1,162 1, ,901 1, Naha Yokohama Auckland Sydney Colombo Karachi Ahmedabad Chennai Bangalore Mumbai New Delhi Dhaka Yangon Phnom Penh Vientiane Danang Ho Chi Minh Hanoi Bangkok Cebu Manila Batam Jakarta Kuala Lumpur Singapore Seoul Ulan Bator Taipei Hong Kong Wuhan Qingdao Shenyang Dalian Shenzhen Guangzhou Shanghai Beijing 3,109 Copyright (C) 2013 JETRO. All rights reserved. 12

15 (US$) 3.00 Regular gasoline price (1 liter) Naha Yokohama Auckland Sydney Colombo Karachi Ahmedabad Chennai Bangalore Mumbai New Delhi Dhaka Yangon Phnom Penh Vientiane Danang Ho Chi Minh Hanoi Bangkok Cebu Manila Batam Jakarta Kuala Lumpur Singapore Seoul Ulan Bator Taipei Hong Kong Wuhan Qingdao Shenyang Dalian Shenzhen Guangzhou Shanghai Beijing (US$) School expenses for ese school (suplementary school) 2,000 1,800 1,817 1,600 1,400 1,200 1, Naha Yokohama Auckland Sydney Colombo Karachi Ahmedabad Chennai Bangalore Mumbai New Delhi Dhaka Yangon Phnom Penh Vientiane Danang Ho Chi Minh Hanoi Bangkok Cebu Manila Batam Jakarta Kuala Lumpur Singapore Seoul Ulan Bator Taipei Hong Kong Wuhan Qingdao Shenyang Dalian Shenzhen Guangzhou Shanghai Beijing Copyright (C) 2013 JETRO. All rights reserved. 13

16 Cost table By City/Area Copyright (C) 2013 JETRO. All rights reserved. 14

17 Ulanbator (Mongolia) US$1 = 1, MNT (Interbank rate as of Jan.7, 2013) US$ MNT Remarks Wages 1. Workers (general workers) 307~500 /month 428,000~697,000 /month Interview with companies Base salary, social insurance,overtime allowance 2. Engineers (mid-level engineers) 728~762 /month 1,015,000~1,062,000 /month Interview with companies basic salary, social insurance,overtime allowance 3. Managers 776~862 /month 1,081,000~1,201,000 /month Interview with companies basic salary, social insurance,overtime allowance 4. Staffs, Non-manufacturing (general level) 220~233 /month 307,000~324,700 /month Source: National Statistics Office(NSO), 2011 Base salary only 5. Managers, Non-manufacturing 511 /month 712,400 /month Same as above 6. Shop staffs (Apparel) 232 /month 323,400 /month Base salary only 7. Shop staffs (Food) 214 /month 298,300 /month Same as above 8. Legal minimum wage 101 /hour 140,400 /hour Revised: April 5, Bonus payments (fixed bonus + variable bonus) - - Employer's burden rate: 10% Employee's burden rate: 10% Breakdown of employer's burden rate: Pension: 7% Unemployment insurance: 0.5% Medical insurance: 2% 10. Social security burden ratio Walfare payment:0.5% Breakdown of Employee's burden rate: Source: Social Insurance Act Article 15, Paragraph 1 Pension: 7% Unemployment insurance: 0.5% Medical insurance: 2% Walfare payment:0.5% 2009: 9.6% 11. Nominal wage increase rate 2010: 13.6% Source: National Statistics Office(NSO), : 24.2% Land price, office rents, etc. 12. Industrial estate (land) purchase rate (per sq.m) 13. Industrial estate rent (per sq.m) n.a. n.a. 14. Office rent (per sq.m) 15. Store/showroom rent in the city center (per sq.m) n.a. n.a. 18 /month 25,423 /month 14.4 /month 20,000 /month Source: Interview with the local real estate company St./facility name: Central district(sukhbaatar)peace Bridge North-west, the first floor portion of the building that is the west side of Naran department store, 590 sq. m Breakdown of taxes/expenses: VAT, maintenance fees and utilities not included Source: Interview with the local real estate company St./facility name: Central district(bayangol), west side of the west cross of Peace Street, Hill Side Town 1F, 50 sq. m Breakdown of taxes/expenses: VAT, maintenance fees and utilities not included 16. Housing rent for resident agent (per sq.m) 897 /month 1,250,000 /month Source: Interview with the local real estate company District name: Central district(sukhbaatar), south side of the west cross of Peace Street, Golomt Town Type of residence: 15-story apartment, 1LDK Area: 70 sq.m Breakdown of taxes/expenses: VAT, maintenance fees and utilities not included Local practices in corporate contract for housing: Deposit with landlord (1-month house) Copyright (C) 2013 JETRO. All rights reserved. 15

18 Public utility rate 17. Electricity rate for business use (per kwh) 18. Electricity rate for general use (per kwh) 19. Water rate for business use (per cu.m) Ulanbator (Mongolia) US$1 = 1, MNT (Interbank rate as of Jan.7, 2013) US$ MNT Remarks Nil Rate per kwh: 1.Except mining (1)0.06 (2)0.11 (3) Mining (1)0.07 (2)0.13 (3) Rate per kwh: 0.053~0.06 Nil Rate per cu.m: (1)0.67 (2)0.91 Nil Rate per kwh: 1.Except mining (1)88 (2)155.2 (3)46 2.Mining (1)100 (2)179 (3)46 1,000 Rate per kwh: 74~84 Nil Rate per cu.m: (1)940 (2)1,275 Source: Ulaanbaatar Electricity Distribution Network (Official website) (1)Daytime: 6 am -17 pm (2)Night time: 17 pm - 22 pm (3)Midnight time: 22 pm - 6 am VAT not included Source: Ulaanbaatar Electricity Distribution Network (Official website) For 1 household of collective housing (per 1kWh) Up to 150kWh (monthly): 74MNT, kWh: 79MNT, 250kWh and more: 84MNT VAT not included Source: Official website of the Water-and-sewage Management Public Corporation (1) Water supply fee, including sewage collection fee (2) Liquor manufacturing industry, leather product manufacturing business, meat products manufacturing industry, car-washing contractor VAT included 20. Water rate for general use (per cu.m) Nil Rate per cu.m: 0.32 Nil Rate per cu.m: Source: Official website of the Water-and-sewage Management Public Corporation Water supply fee, including sewage collection fee VAT included 21. Gas rate for business use Nil Rate per kg: 1.15 Nil Rate per kg: 1,600 Source: Official website of the Gorgas Co., Ltd. Type of gas: Propane VAT included 22. Gas rate for general use Nil Rate per kg: 1.15 Nil Rate per kg: 1,600 Same as above Transportation 23. Container transport (40ft container) Export to 24. Container transport (40ft container) Export to third country: Nearest port 25. Container transport (40ft container) Import from 4,400 6,131,180 7,100 9,893,495 5,000 6,967,250 Source: Based on the interview Plant (City): Ulaanbaatar Price (only fare) (including land transportation expenses of Ulaanbaatar Tianjin) Export to : Ulaanbaatar Freight Depot Port of Yokohama Plant (City): Ulaanbaatar Price (only fare) (including land transportation expenses of Ulaanbaatar Tianjin) Export to third country: Ulaanbaatar Freight Depot Third-country destination port (Port of Los Angeles) Plant (City): Ulaanbaatar Price (only fare) (including land transportation expenses of Tianjin Ulaanbaatar) Import from : Port of Yokohama Ulaanbaatar Freight Depot 26. Regular gasoline price (1 liter) ,670 Source: Official website of the PETROVIS LLC 27. Diesel oil price (1liter) ,800 Same as above Tax 28. Corporate income tax rate National Tax: (1)10% (2)25% Local tax: Nil Source: Corporate Income Tax Act, Article 17.1 (1) Profits up to 3 billion MNT (2) Profits over 3 billion MNT 29. Personal income tax rate (highest rate, %) 10% (flat tax) Source: Individual Income Tax Act, Article Value-added tax (VAT) (standard rate, %) 31. Tax on interest remitted to 32. Tax on dividends remitted to 33. Tax on royalties remitted to 10% (standard rate) 20% (highest rate) 20% (highest rate) 20% (highest rate) Source: Value-added Tax Act, Article 11.1 Source: Corporate Income Tax Act, Article Source: Corporate Income Tax Act, Article Source: Corporate Income Tax Article Act, School fee 34. School fee of ese School (ese Saturday School) 1Tuition fee 2Registration Fee 3Transportation Fee 4Others 35. School fee of International School 1Tuition fees 2Registration Fees 3Transportation Fee 4 Others 11,976 /month 23, /month 4 Teaching material fee 304 Library fee ,753,457 /month 2 5,086, ,214 /month 4Teaching material fee 423,608 Library fee 142,132 Source: Official website of the International School of Ulaanbaatar Elementary school tuition Books and library use cost are returned With a system in which general tuition fees are discounted about 10,000 dollars. Overall 36. Remarks Nil Copyright (C) 2013 JETRO. All rights reserved. 16

19 Wages 1. Workers (general workers) Seoul (Korea) US$1 = 1, KRW (Interbank rate as of Jan.7, 2013) US$ KRW Remarks 1,734 /month 1,916,471 /month Source: "Survey of ese-affiliated Firms in Asia and Oceania for 2012-China, Hong Kong, Macau, Taiwan, Korea-," conducted by JETRO in Oct. and Nov. in (Used average USD exchange rates for Oct. in 2012) Regular employment; Base salary; Workers with about 3-year work experience Total annual burden per employee (including basic salary, various allowances, social insurance, overtime allowance, bonus, etc.): 32,172USD (35,362,500KRW) 2. Engineers (mid-level engineers) 3. Managers 4. Staffs, Non-manufacturing (general level) 5. Managers, Non-manufacturing 2,255 /month 2,493,125 /month 3,249 /month 3,591,176 /month 2,165 /month 2,392,963 /month 3,425 /month 3,786,042 /month Regular employment; Base salary; Engineers of vocational college or university graduate level or above with about 5-year work experience Total annual burden per employee (including basic salary, various allowances, social insurance, overtime payment, bonus, etc.): 43,098USD (47,640,000KRW) Used average USD exchange rates for Oct. in 2012 Regular employment; Base salary; Managers of university graduate level or above with about 10- year work experience Total annual burden per employee (including basic salary, various allowances, social insurance, overtime payment, bonus, etc.): 54,436USD (60,172,220KRW) Used average USD exchange rates for Oct. in 2012 Regular employment; Base salary; Staff with about 3-year work experience Total annual burden per employee (including basic salary, various allowances, soucial insurance, overtime payment, bonus, etc.): 34,501USD (38,136,610KRW) Used average USD exchange rates for Oct. in 2012 Regular employment; Base salary; Managers of university graduate level or above with about 10- year work experience Total annual burden per employee (including basic salary, various allowances, social insurance, overtime payment, bonus, etc.): 54,504USD (60,248,240KRW) Used average USD exchange rates for Oct. in Shop staffs (Apparel) 2,059 /month 2,188,000 /month Source: National Statistics Office "Basic Survey on Wage Structures 2011" Total monthly salary for wholesale and retail industries (basic salary and overtime payment) (http://laborstat.moel.go.kr/) 7. Shop staffs (Food) 1,498 /month 1,592,000 /month Total monthly salary amount for lodging and restaurant/bar industries (basic salary and overtime payment) (http://laborstat.moel.go.kr/) 8. Legal minimum wage 4.57 /hour 37 /day (8 hours) 4,860 /hour 38,880 /day (8 hours) Source: E-based Employment topics provided by Ministry of Employment and Labor (http://www.moel.go.kr) Minimum wage rate was amended on January 1, 2013: On a monthly basis, 40 hours a week (209 hours a month): 1,015,740 won 44 hours a week (226 hours a month): 1,098,360 won 9. Bonus payments (fixed bonus + variable bonus) Monthly base salary 2.85 See the left Source: JETRO's "Survey of ese-affiliated Firms in Asia and Oceania for 2012-China, Hong Kong, Macau, Taiwan, Korea-" 10. Social security burden ratio Employer's burden rate: 8.345% ~ % Employee's burden rate: 8.05% Breakdown of employer's burden rate: Unemployment insurance: 0.25% % Health insurance: 2.9% Pension: 4.5% Other: 0.6%~34.0% (Industrial accident insurance) Long-term medical treatment insurance: Health insurance(2.9%) x 6.55% x 0.5 Breakdown of Employee's burden rate: Unemployment insurance: 0.55% Health insurance: 2.9% Pension: 4.5% Long-term medical treatment insurance: Health insurance(2.9%) x 6.55% x 0.5 Source: Korea Labor Welfare Corporation, National Health Insurance Corporation, National Pension Corporation (http://www.4insure.or.kr/) 11. Nominal wage increase rate 2009 : 2.2% 2010 : 6.4% 2011 : 0.9% Source: Statistics on "Wage & Working Hours at Establishments" provided by Ministry of Employment and Labor, Korean Statistical Information Service" (http://laborstat.moel.go.kr/) Land price, office rents, etc. 12. Industrial estate (land) purchase rate (per sq.m) , Industrial estate rent (per sq.m) 0.25 /month 267 /month 14. Office rent (per sq.m) 15. Store/showroom rent in the city center (per sq.m) 16. Housing rent for resident agent (per sq.m) 56 /month 59,126 /month 40 /month 42,857 /month 2,070 /month 2,200,000 /month Source: Korea Land Information System (http://klis.chungnam.net/sis/main.do) Industrial estate name: Cheonan Foreign Business Exclusive Complex (739 Buldang-Dong, Seobuk-Gu, Cheonan-Si, Vhung CheongNam-Do) declared value of 2012 Breakdown of taxes/expenses: Maintenance fees and taxes not included Source: Korea Industrial Complex Corporation (http://www.kicox.or.kr) Industrial estate name: Cheonan Foreign Business Exclusive Complex Breakdown of taxes/expenses: Maintenance fees and taxes not included Source: Young Poong Development 3F, Young Poong Building, 33 Seorin-Dong, Seoul (Seoul central business and administrative district) Breakdown of taxes/expenses: Maintenance fees and 10% VAT included Security deposit (344,849KRW per sq.m) is additionally required. St./facility name: Euljiro 2-ga, Jung-gu, Seoul (fashion and commercial district of the central-city district of Myeongdong) Breakdown of taxes/expenses: Security deposit (130 million KRW), key money (500 million KRW), Area:210 sq. meter, 9 million KRW/month (including VAT) per sq. meter Source: Nara Real Estate (www.nararelo.com) District name: Ichon-dong, Yongsan-gu, Seoul (ese residential district) Type of residence: 5/24F of apartment complex; 3 bedrooms with living room, dining room, and kitchen. Area: 84 sq. m Breakdown of taxes/expenses: Security deposit of 30 million won is additionally required. VAT exempt Local practices in corporate contract for housing: Basically, two-year lease is required; its resident can abbreviate the term. Copyright (C) 2013 JETRO. All rights reserved. 17

20 Public utility rate Transportation 17. Electricity rate for business use (per kwh) 18. Electricity rate for general use (per kwh) 19. Water rate for business use (per cu.m) 20. Water rate for general use (per cu.m) 21. Gas rate for business use 22. Gas rate for general use 23. Container transport (40ft container) Export to 24. Container transport (40ft container) Export to third country: Nearest port Seoul (Korea) US$1 = 1, KRW (Interbank rate as of Jan.7, 2013) US$ KRW Remarks 4.79 Rate per kwh: Rate per kwh: Rate per cu.m: Metered charge: 0.01 Excess charge: Rate per cu.m: 0.34 Nil Rate per MJ: /MJ Rate per MJ: ,096 1,823 1,937,302 5,090 Rate per kwh: ,830 Rate per kwh: Rate per cu.m: Metered charge: Excess charge: ,080 Rate per cu.m: 360 Nil Rate per MJ: /MJ Rate permj: Source: KEPCO (http: //www.kepco.co.kr) Charge calculation method: For contract demand less than 300kWh Rate per kwh for Nov.-Feb. (Varies by season) VAT included Source: KEPCO (http: //www.kepco.co.kr) Charge calculation method: For contract demand less than 300kWh Rate per kwh for Nov.-Feb. (Varies by season) VAT included Source: Legal administrative services of Seoul Special City (http://legal.seoul.go.kr/legal/front/main.html) Charge calculation method: VAT exempt Source: The Office of Waterworks Seoul Metropolitan Government (http://i121.seoul.go.kr/egoji/jsp/index.jsp) Charge calculation method: VAT exempt in cases of basic monthly charges by using water pipe with dia-15 mm, not exceeding 30 cu. M Source: Seoul City Gas Co., Ltd. (http://www.seoulgas.co.kr/) Charge calculation method: VAT not included LNG for city industrial use (Rates for Dec-March) *From July 2012, a basis of assessment was changed into MJ unit (thermal unit) from the conventional cu. meter unit. Charge calculation method: VAT not included LNG for domestic use *From July 2012, a basis of assessment was changed into MJ unit (thermal unit) from the conventional cu. meter unit. Source: Yusen Logistics (http://www.kr.yusen-logistics.com) Plant (City): Seoul Export to : Nearest port (Busan Port) Port of Yokohama Expenses, land transport expenses are not included. Source: Yusen Logistics (http://www.kr.yusen-logistics.com) Plant (City): Seoul Export to the third country.: Nearest port (Busan Port) Third-country destination port (Port of Los Angeles) Expenses, land transport expenses are not included. 25. Container transport (40ft container) Import from ,540 Source: Yusen Logistics (http://www.kr.yusen-logistics.com) Plant (City): Seoul Import from : Port of Yokohama Nearest port (Busan Port) Expenses, land transport expenses are not included. 26. Regular gasoline price (1 liter) 2.1 2,226 Source: Oil Price Watch (www.opinet.co.kr) Retail price at SK gas station in Kyongwoon-dong, Jongno-gu, Seoul (as of January 7, 2013) 27. Diesel oil price (1liter) ,963 Tax 28. Corporate income tax rate National Tax: (a) 10%, (b) 20 million won+(exceed200 million won 20%) (c) 3,980 million won+(exceed20 billion won 22%) Local tax:10% of national tax amount Source: Article 55 (Tax Rates), Corporate Tax (http://www.moleg.go.kr/) (a) Tax base 200 million won or less (b) Tax base over 200 million won, 20 billion won or less (c) Tax base over 20 billion won 29. Personal income tax rate (highest rate, %) 30. Value-added tax (VAT) (standard rate, %) National Tax:38% (highest rate) 10% (standard rate) Source: Article 55 (Tax Rates), Income Tax Act (http://www.moleg.go.kr/) Progressive taxation system with five tax classes from 6% to 38% 1) 0 to 12 million (won): 6% 2) over 12 million, but no more than 46 million: 0.72 million + (15% multiplied by amount over 12 million) 3) over 46 million, but no more than 88 million: 5.82 million + (24% multiplied by amount over 46 million) 4) over 88 million, but no more than 300 million: 15.9 million + (35% multiplied by amount over 88 million) 5) over 300 million: 90.1 million+ (38% multiplied by amount over 300 million) Source: Value-Added Tax Act Article 14 (Tax Rates), Value-Added Tax Act, (http://www.moleg.go.kr/) National Tax 31. Tax on interest remitted to 10% (highest rate) -Korea Tax Treaty, Article 11 (http://www.moleg.go.kr/) Special mention regarding the remittance: Evidence of payment, including a contract, is required, but, no separate application for reduction or exemption is needed. 32. Tax on dividends remitted to 15% (highest rate) -Korea Tax Treaty, Article 10 (http://www.moleg.go.kr/) Special mention regarding the remittance: Dividend tax on ese corporations holding equity stakes of 25% or more for six months or longer is 5% 33. Tax on royalties remitted to 10% (highest rate) -Korea Tax Treaty, Article 12 (http://www.moleg.go.kr/) Special mention regarding the remittance: Evidence of payment, including a contract, is required, but, no application in advance is needed. School fee 34. School fee of ese School (ese Saturday School) 1Tuition fee 2Registration Fee 3Transportation Fee 4Others 1226 /month(sjc members) 245 /month(non-sjc members) 2470(SJC members) 2,823(Non-SJC members) School rebuilding fund 47 Air conditioning fee ,000 /month (SJC members) 260,000 /month (Non-SJC members) 2 500,000(SJC members) 3,000,000(Non-SJC members) 3100,000 4 School rebuilding fund 50,000 Air conditioning fee 20,000 Source: Seoul ese School (http://www.sjshp.or.kr/) 35. School fee of International School 1Tuition fees 2Registration Fees 3Transportation Fee 4 Others 11,826 /month /month 4 Developing fund 4,705 11,940,333 /month 2 500, ,000 /month 4Developing fund 5,000,000 Source: DWIGHT SCHOOL SEOUL (http://www.dwight.or.kr/) Overall 36. Remarks Nil Copyright (C) 2013 JETRO. All rights reserved. 18

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